Tuesday, 1 November 2016

‘Nigerians Should Save During Recession’

Toluwalope Adebayo

Operators of microfinance banks have urged Nigerians to save in order to survive the economic recession in the country.

The Lagos State Chairman of the Association of Microfinance Banks, Mr. Omololu Fatunbi, who spoke at an event to mark the 2016 World Savings Day on Monday in
Lagos, said prudent saving was the key strategy to tackling the ongoing recession in the country.

He said, “The proposed initiative will aid financial empowerment and shun the effect of recession in the country. Recession calls for savings. In recession, you have to be very prudent and disciplined. We believe that this is the right time to let Nigerians know that by the time they start saving, they will be able to fight recession.

“Once any microfinance bank knows that you have some elements of seriousness, creativity and determination, we are ready to partner you. In terms of assistance, we are very flexible. We try to step down the collateral commercial banks ask for, and we see customers as long time partners.

“We are closer to traders. We advise our customers and also educate them on how to add value to their businesses.

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